The present invention generally pertains to automated teller-type machines. More particularly, the present invention pertains to an automated teller-type machine with improved versatility and a related method. More specifically, but without restriction to the particular embodiment and/or use which is shown and described for purposes of illustration, the present invention relates to an automated teller-type machine that allows an authorized user to access bank accounts, access stock quotations, trade stock, pay bills and perform other financial transactions.
Until recently, financial transactions, such as banking, non-banking investments and bill paying, were largely restricted to transactions that were conducted in-person where such services are provided or through the mail. While these manners of transactions are acceptable for their intended purposes, they are not always convenient for the customer or cost effective for the service provider.
With respect to in person transactions, it is rarely ever convenient to visit the office of the service provider. Such transactions are typically used only as a last recourse (e.g., on the due date of a required payment). Additionally, the introduction of a human component on behalf of the service provider increases the probability of human error. Furthermore, the additionally required workforce to handle such transactions necessarily increases the cost to the service provider.
With respect to a transaction conducted through the mail, a delay is encountered between the time a transaction is put in the mail and the time that the transaction is recorded by the services provider. Additionally, the customer does not always have the necessary supplies (e.g., checks, stamps, envelopes, and the like) on hand for transactions through the mail. Furthermore, mail may be misplaced or lost by the delivery service and thereby adversely effect the customer, as through fees and lost opportunities, for example.
In an effort to overcome many of the disadvantages associated with in person and mail transactions, the advent, growth and maturation of the Internet has provided a means for conducting financial transactions electronically from remote locations. While such transactions provide improved convenience, there are nonetheless certain disadvantages and limitations of this methodology. For example, not everyone needing to conduct financial transactions owns or has ready access to a computer or another such interface (e.g., WebTV (copyright)) having access to the Internet. Furthermore, a significant number of the people with ready access to the Internet have serious reservations about transmitting confidential personal and financial information over the Internet. A further disadvantage concerns the fact that transactions conducted over the Internet can not involve cash but rather require an electronically identifiable account (e.g., savings account, checking or NOW account, credit card account) from or to which funds are electronically debited or credited.
It is also known to provide a point-of-transaction machine, commonly referred to as automated teller machines or ATMs, for conducting various activities, such as withdrawing or depositing funds, transferring funds between accounts and conducting a balance inquiry of an account. These activities, however, are relatively limited in scope and do not provide the user with a means by which to access services and information outside of the particular financial institution to which the automated teller machine is linked. Accordingly, users of ATMs are unable to conduct financial transactions related to non-banking investments or bill paying at an ATM.
Accordingly, a need exists in the pertinent art to improve customer convenience for financial transactions and to reduce the associated costs of the service provider.
It is a general object of the present invention to provide a point-of-transaction machine for various financial transactions which improves customer convenience and reduces associated costs to the service provider.
It is another object of the present invention to provide a point-of-transaction machine which permits a customer to access accounts from various financial institutions.
It is another object of the present invention to provide a point-of-transaction machine which permits a customer to trade stock and access stock quotations.
It is yet another object of the present invention to provide a point-of-transaction machine which allows the user to make real time transactions.
It is yet another object of the present invention to provide a point-of-transaction machine which reduces the possibility of human error.
It is yet another object of the present invention to provide a point-of-transaction machine which is conveniently located and accessible any time of the day.
It is yet another object of the present invention to provide a point-of-transaction machine which accepts cash and check deposits for electronic transactions.
It is still yet another object of the present invention to provide a point-of-transaction machine which has a touch responsive screen that varies in response to the financial institutions authorized for use by the customer.
It is yet another object of the present invention to provide a point-of-transaction machine which provides for improved security of transmitted data.
In one particular form, the subject invention provides a point-of-transaction machine that allows global users to reach all aspects of their finances, from their brokerage account to their banks, mortgage accounts, credit card accounts and more. Unlike conventional ATMs where you can only reach your bank account(s), the initial screen when signed on will give the global user options on which account or accounts they want to transact business. This initial screen will satisfy banking, mortgage, and security law requirements of keeping these companies separate and distinct. The point-of-transaction machine will collect fees for each transaction, similar to current ATM usage fee agreements and will allow certain users to complete transactions without fees.
Additional benefits and advantages of the present invention will become apparent to those skilled in the art to which this invention relates from a reading of the subsequent description of the preferred embodiment and the appended claims, taken in conjunction with the accompanying drawings.